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SINGAPORE - The dollar made a steady start to the week, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.
Sterling was testing the top side of a range it has held this year at $1.2735. The Australian and New Zealand dollars have eased from recent highs, leaving the Aussie at $0.6626 and the kiwi at $0.6122 as markets have dialled back interest rate cut expectations for the U.S. "Focus on core PCE revolves around whether the drivers of inflation are part of the consumer mood shift," said Bob Savage, BNY Mellon's head of markets strategy and insights.While the rates uncertainty persists, investors have been chasing income and selling low yield currencies such as the yen, yuan and Swiss franc against the euro and the dollar.
It was steady at 156.87 to the dollar on Monday but has won little support from rising Japanese government bond yields as at the ten-year tenor, for example, they remain nearly 350 basis points below U.S. yields. "Right now, only around 0.6% of all FX volume is executed between 4 – 6 p.m. so it's very illiquid and spreads are considerably wider."
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